Pensions and Other Postretirement Benefits

9 Months Ended

May 31, 2020

Pensions and Other Postretirement Benefits

Pensions and Other Postretirement Benefits

Note 11 — Pensions and Other Postretirement Benefits

The components of net periodic benefit cost for the three and nine months ended May 31, 2020 and 2019 were as follows:

	Three Months Ended May 31,				Nine Months Ended May 31,
	2020		2019		2020		2019
Components of net periodic benefit cost
Service cost	$	74	$	67	$	221	$	213
Interest cost		112		172		338		528
Expected return on plan assets		(98)		(104)		(294)		(325)
Amortization of prior service cost		1		1		3		3
Amortization of accumulated loss		174		112		522		349
Curtailment and settlement loss		75		11		75		484
Net periodic benefit cost	$	338	$	259	$	865	$	1,252

When funding is required, the Company’s policy is to contribute amounts that are deductible for federal income tax purposes.  The Company has made contributions of $1,170 in the nine months ended May 31, 2020 to fund its obligations under its pension plans, and plans to make the necessary contributions over the remainder of fiscal 2020 to ensure the qualified plans continue to be adequately funded given the current market conditions, including conditions related to the coronavirus disease 2019 (COVID-19) pandemic. The Company made contributions of $1,177 in the nine months ended May 31, 2019.